Amaravati/Hyderabad, YSRCP leaders on Monday accused the Andhra Pradesh government of executing a massive scam through its power agreement with Axis Energy, a renewable energy firm.
G Srikanth Reddy and G Amarnath alleged that the deal, involving a fixed-rate purchase agreement of ₹4.60 per unit for renewable power, imposes an unfair long-term financial burden on the people of Andhra Pradesh.
“This is not power procurement; it’s profiteering. Agreeing to such a high rate when cheaper options exist is a betrayal of public interest,” said Srikanth Reddy during a press conference in Hyderabad.
They claimed that when Y S Jagan Mohan Reddy signed a power deal at ₹2.49 per unit with the Solar Energy Corporation of India , NDA coalition leaders raised a huge hue and cry, alleging a ₹1.10 lakh crore loss.
The YSRCP leaders said that the same coalition fixed ₹4.60 per unit for 25 years, locking the rates even during future slumps.
Srikanth Reddy and Amarnath also stated that dues to power companies allegedly rose from ₹29,000 crore to ₹86,300 crore under TDP, with a 24 per cent compound annual growth rate , claiming that they dropped to 7.2 per cent during Jagan Mohan Reddy’s government.
Despite promises to reduce tariffs, Chief Minister N Chandrababu Naidu allegedly imposed a ₹15,000 crore burden, they said.
Andhra Pradesh Energy Minister G Ravikumar responded, saying that YSRCP’s narrative is false and that their power purchases were allegedly at higher rates than publicly claimed.
He maintained that Axis Energy’s project brings employment, tax benefits, and a reliable mix of solar, wind, and battery storage power based on actual demand.
He urged Jagan Mohan Reddy to end his “malicious campaign” and recognise the coalition’s focus on transparency, sustainability, and long-term energy security for the state.
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